
Spot cheese on the CME rose to $1.6800 per pound for 40-pound blocks while barrels slipped to $1.6850 during the week of November 7-13, 2026. USDA APHIS confirmed two new state-level HPAI detections in Oregon and Indiana, and the November WASDE raised the 2026 all-milk price forecast to $20.10 per cwt from $19.90 on higher cow inventories and per-cow output.
A higher USDA milk production and price outlook signals ample U.S. milk supply, which keeps dairy co-product feed costs contained, while new HPAI detections add supply risk for poultry and egg feed demand.
After 273 past bearish report events, Milk (Class III) moved a median -0.2% over 5 sessions (39% higher; middle half -1.3% to +0.4%), and -1.4% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.